Allowed

Idbi Bank v. Kamdeo Chandrakar

DRT22 Jul 2024OA/655/2022

Case brief

AI extract

What is this about?

The Single Member bench allowed the debtor application filed by IDBI Bank Ltd. for recovery of dues against the borrowers and guarantors. The court affirmed the claim for principal amount, awarded interest at 10% per annum, and ordered the sale of mortgaged and personal properties.

What did the court decide?

Defendants to pay Rs. 25,31,716.02 with interest @ 10% p.a.; mortgaged and personal properties to be sold for realization of dues; Recovery Certificate to be issued.

Idbi Bank versus Kamdeo Chandrakar — Insolvency and Bankruptcy | DRT (2024)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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CAMP COURT AT RATPUR (C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Original Application No. - 655/22

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lDBl Bank Ltd., Charoda, Bhitai Distt.-Durg (C.G.)

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Appticant

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Versus

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Shri Kamdeo Chandrakar,

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01 ) 5/o Shri Gajadhar Prasad Chandrakar

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1. Smt. Nirmala Chandrakar, W/o Shri Kamdeo Chandrakar

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1. Shri Nitin Kashyap, S/o Shri Kamdeo Chandrakar

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(Att at Vittage-H.No.-69, Sirsakata,

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Ward No.-31, Tehsit-Patan, District-Durg, C.G. 491111) Defendants

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Counsel for the Appticant : Shri Jagbandan Patel, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 22"d July,2024)

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The Appticant-Bank has fited the present Originat Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 25l05lZZ against the Defendants for recovery of Rs. 25,3'1,716.02 (Rupees Twenty Five Lac, Thirty One Thousand, Seven Hundred Sixteen and Paisa Two only) atong with interest and other reliefs as stated,

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The brief facts of the case are that on the request of Defendant No.-1, the Appticant Bank sanctioned Cash Credit Limit of Rs.31 Lac and in consideration of the same, the Defendant No.-1 as borrower and Defendant No.-2 & 3 as guarantors in addition to execution of loan and guarantee documents have also created charge under the provisions of C.G. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1972 over the immovabte property, i.e., Land Survey No,-396 area 0,71 hect.; 549 area 0.16 hect.; 585/1 area 0.06 hect.; 585/2 area 1.24 hect.; 146911 area 4.44 hect.; totat area 8.04 hectares, situated in Vitlage-Sirsakata, Tehsit-patan,

oA655122

Patwari Hatka No.-02,^{RIC'Bhitai-3, District-Durg(C.G.);betonging to} Defendant No.-'l . The^{Defendant No.'1 avaited the credit facitityand also} executed Debt cum^{RevivalLetter on 30/08/19 but did not make repayments} as per repayment schedute.^{TheDefendants atso faited to liquidatethe} outstanding dues despite^{issuanceof RecallNotices tastly on 02104172by} the Appticant Bank.^{The Appticant'Bank has retied upon the documents at} Ex. A-1 to A-11 which were^{proved by Shri MaheshKumar, Branch Head.}

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Despite service of notice,^{the Defendantsneitherappeared nor} fited written statement.^{They wereproceededex-parte vide order dated} 13t01 /23. There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the^{facts of the case,I opine that the Defendantsare} jointty and severatty l,iabte to pay the ctaim amount^{togetherwith interest} and costs. The Appticant-Bank^{in its apptication has ctaimedinterestat} contractual rate with^{monthtyrests. However,I feel it fair andreasonabte} to grant interest @10%^{p.a. simple pendentetite and future ti[[ reatizationof} the dues. The mortgaged^{propertyis tiabte to be sotd for recovery of} amount due along with the^{personalpropertiesand assets of the Defendants.}

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The Original. Apptication is altowed^and it^{is orderedas under-} i) The Defendants do^{pay jointty and severattyRs. 25,31,716.02} (Rupees Twenty Five Lac, Thirty One^{Thousand, Seven Hundred Sixteen and} Paisa Two onty) together with^{pendentelite and future interest @10%per} annum simpte from the^{dateof fiting of the OA, i.e., 25105122,with costs} ti[t its realization.

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ii) The Appticant Bank is entitled^{to setl the mortgagedas wetlas} personal propbrties and assets of the^{Defendantsfor realizationof its dues.} The Defendants are hereby^{restrained by means of injunctionfrom} depteting, transferring,^{encumbering,atienating or in anyway deating with} their^{properties/assetswithout first paying the ctaim of the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls 19(72\ of Recovery of} Debts and Bankruptcy^{Act. The applicant bank may fite a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the open court on this 22nd Day of Juty,2024at} Camp Court Raipur.

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:7 ? (Ram Niwas Pate[) Presidin offi er

Idbi Bank v. Kamdeo Chandrakar

Case brief

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Idbi Bank v. Kamdeo Chandrakar

Case brief

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